08/04/2026
🏡 Are Victoria, BC home prices really “down” like so many people seem to think?
The answer is: they are both up and down, depending on what you’re comparing.
Prices are, for the most part, still below the peak highs of 2022, but generally above the lows reached around early 2023.
In other words, the data does not show prices continuing to fall year after year. The larger correction appears to have happened between the 2022 peak and early 2023. Since then, the overall trend has been mostly stable, with a modest upward incline in several categories.
Here’s what each line represents:
📊 Victoria Composite — the overall benchmark price trend across the main housing categories. It has remained relatively stable, with a modest upward incline since 2023.
🏠 Victoria Single Family — CREA’s broader single-family category and should not automatically be interpreted as detached houses only. This category has also been mostly stable while gradually trending upward.
🏘️ Victoria Townhouse/Row — townhouses and row homes. This category has generally shown modest upward movement since 2023.
🏢 Victoria Apartment — generally apartment-style condos. This has been the softer category, remaining mostly flat and possibly trending slightly downward.
⚖️ The data is also consistent with a balanced market.
Buyers have more selection, more time and potentially more negotiating room (property-dependent) than they did during the pandemic. Attractive and properly priced homes can still sell quickly, and multiple offers can still happen.
Likewise, overpriced properties can sit on the market and experience multiple price reductions, which can create the illusion that the entire market is falling.
📉 Another important factor is that interest rates are now substantially lower than they were when the market reached its post-2022 lows.
🔮 Nobody has a crystal ball, so no one can say with certainty where prices will go next. But while many people have been waiting for prices to continue falling, the data shows that, for most categories, prices have instead been holding relatively steady or gradually edging upward.
The Victoria market is not simply “up” or “down.” It depends on the property type, location, condition, price range—and which point in time you are comparing it to.
*Chart data is from CREA’s online MLS® Home Price Index Tool, which CREA describes as “the most advanced and accurate tool to gauge a neighbourhood’s home price levels and trends.”
